Santander is to introducing a Lifetime Tracker mortgage with an interest rate of 2.69 per cent for borrowers who have at least a 25 per cent deposit.
The fee is £495 and the minimum loan is £25,000. This offers a competitive deal for homebuyers and those looking to remortgage.
The rate of the Santander Lifetime Tracker will track the Bank of England Base Rate (currently 0.5 per cent) plus 2.19 per cent, so the rate at launch is 2.69 per cent.
Phil Cliff, director of Santander Mortgages, said: “We’re introducing this Lifetime Tracker, which compares well with current competition, to meet our customers’ needs when buying a home or remortgaging their current property.
“It fills a gap in our mortgage portfolio and underlines our commitment to lending, including meeting a wide range of customers’ requirements. For mortgage customers looking for extra value, the 1|2|3 Current Account pays 1 per cent cashback on Santander mortgage direct debits.”
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